Metro Manila (CNN Philippines, April 8) — The country’s trade deficit dipped to its narrowest in half a year as imports fell below the $10-billion mark for the first time in eight months, according to Philippine Statistics Authority figures published Friday.
The deficit reached $3.529 billion during the month, the smallest since August 2021, when it stood at $3.521 billion. The trade gap in February, however, widened by 30.3% from the same month a year ago.
A deficit happens when the value of a country’s imports exceeds that of its imports.
Philippine imports had a total value of $9.68 billion in February, a 20.1% year-on-year increase. But this marks the first time it fell below $10 billion since June last year, when imported goods reached $9.97 billion before rising to $10.16 billion the month after.
Mineral fuels, lubricants and related materials led the major commodity groups in posting annual increases at 131.6%, the PSA noted.
Also among gainers were cereals and cereal preparations, other food and live animals, transport equipment, electronic products, and plastics in primary and non-primary forms.
Meanwhile, industrial machinery and equipment suffered the worst drop at 9.5%. Other groups which posted annual declines were miscellaneous manufactured articles, telecommunication equipment and electrical machinery, along with iron and steel.
The country’s total exports amounted to $6.16 billion in February, up 15% from the same month in 2020.
Cathodes of refined copper recorded the strongest growth during the stretch at 130.2%, followed by coconut oil at 118.2%.
Export commodity groups of other mineral products, electronic equipment and parts, electronic products, chemicals, other manufactured goods, along with ignition wiring sets likewise posted annual growths in February.
However, metal components alongside machinery and transport equipment registered drops of 22.1% and 22% respectively.
Total external trade increased by 18.1% to $15.84 billion in February.
